Warsaw (Puls Biznesu) – The company managed to triple its income in the first six months of the year thanks to high margins, exchange rates and tax repayment.
Globe Trade Centre, Polish listed homebuilder, had USD 134.6m of net income in the first six months of the year, or 224 percent more than in the same period of 2005. In the second quarter, the net income reached USD 46.4m, and was nine times higher than in the second quarter of last year. Analysts were surprised.
“We forecast PLN 115m (EUR 29.6m) of net income in the second quarter while it amounted to PLN 147m. The company had nearly PLN 11m of tax repayment and PLN 11 generated thanks to exchange rates”, Michal Stabler, BDM PKO BP analyst said.
The company has bought land in Budapest and Belgrade. It is going to build block of flats in Bratislava, an office building in Sofia and apartments and a hotel in Croatia.
(PLN 1 = EUR 0.258)